Original author: Bull Theory

Compiled by: Ken, Chaincatcher

From the number of allegations faced, Jane Street’s entire business model appears to be designed to artificially trigger market crashes to extract liquidity and profit from them.

This situation has not occurred just once, but multiple times.

The Indian stock market case is the clearest example of how Jane Street operates. They ran an algorithm similar to a “10 a.m. crash” in India, earning $4.23 billion, but were eventually exposed and temporarily banned by the Securities and Exchange Board of India.

Here’s how it works.

Indian script

Between January 2023 and March 2025, Jane Street generated approximately ₹365.02 billion in net profits through its operations in India. Of the 21…